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Lazard Ltd. Earnings Cheat Sheet: Net Income Declines Year over Year

Lazard Ltd. reported its results for the third quarter. Lazard, together with its subsidiaries, operates as a financial advisory and asset management firm worldwide. The company’s Financial Advisory segment offers a range of services regarding mergers and acquisitions and strategic advisory matters.

Results: Net income for the asset management company fell to $62.7 million (49 cents per share) vs. $64.1 million (51 cents per share) a year earlier. This is a decline of 2.2% from the year earlier quarter.

Revenue: Rose 1.5% to $484.6 million from the year earlier quarter.

Actual vs. Wall St. Expectations: LAZ reported adjusted net income of 39 cents per share. By that measure, the company fell short of mean estimate of 41 cents per share. It beat the average revenue estimate of $445 million.

The company fell short of estimates last quarter after beating the mark the quarter before with net income of 51 cents versus a mean estimate of net income of 49 cents per share.

The company’s revenue has now risen for two straight quarters. In the second quarter, revenue increased 13% to $500.6 million from the year earlier quarter.

Looking Forward: Over the past ninety days, the average estimate for the fourth quarter has fallen from 86 cents per share to 61 cents, indicating that analysts are growing pessisimistic about the company’s performance next quarter. The average estimate for the fiscal year is $1.93 per share, down from $2.42 ninety days ago.